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View Diary: Republicans on Super Congress don't want to hear what CBO is telling them on jobs, austerity (28 comments)

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  •  The IMF & World Bank too.... (1+ / 0-)
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    have suggested that countries following the principles of austerity are destined to economic contraction, not prosperity.

    •  Heard that on radio today and had to laugh (0+ / 0-)

      My husband and I heard that on the radio this morning and we both burst out laughing. That's rich coming from the IMF, after they demanded austerity measures from every country they lent money to. Either they've got an internal conflict on how countries should prioritize their spending or they're a bunch of lying goddamn hypocrites.

      The goal is not to bring your adversaries to their knees but to their senses. -- Mahatma Gandhi

      by tmo on Thu Sep 15, 2011 at 12:46:16 PM PDT

      [ Parent ]

      •  Developed vs. Developing (0+ / 0-)

        The criticism of the IMF was that developed countries (i.e., U.S. & Europe) must not get too bogged down in austerity because they drive the growth for the rest of the world.

        On the other hand, the IMF loans money to developing countries that have little to offer in creating world-wide demand.  The austerity that the IMF requests is in conjunction with loan guarantees to these developing countries.

        There is a big difference in the importance of the combined $28 trillion economies of U.S. & Europe and the combined $30 trillion GDP for the rest of the world.  In the absence of demand from the U.S. & Europe, it is difficult for the rest of the world to grow.

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